Corrugated Bulk Bins Market - Emerging Trends & Global Future Forecasts - Exclusive Report by MarketsandMarkets™
The report "Corrugated Bulk Bins Market by type (Hinged, Totes, Pallets), format (Single Wall, Double Wall, Triple wall), load capacity, Application (Food, Pharmaceutical, Chemical, Consumer Goods, Tobacco) and Region - Global Forecast to 2025", size is projected to grow from USD 11.6 billion in 2020 to USD 15.4 billion by 2025, at a CAGR of 4.2% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for corrugated bulk bins for food products across the globe. Furthermore, the corrugated bulk bins market has witnessed significant increase in its demand for the supply of goods in bulk to stores, retailers, pharmacies, and hospitals, during the ongoing COVID-19 pandemic.
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Browse 111 market data Tables and 50 Figures spread through 210 Pages and in-depth TOC on "Corrugated Bulk Bins Market”
Corrugated boxes widely preferred for corrugated bulk bins
Based on product type, the corrugated boxes segment is projected to be the largest market for corrugated bulk bins. The dominant market position of the segment can be attributed to the increase in the demand for these product type across various applications in food & beverage, pharmaceutical and automotive industries. The increase in the demand for corrugated boxes can be attributed to the rise in the demand for lightweight and convenient packaging solutions.
Significant increase in the food products during COVID-19 pandemic
By application, the food segment is projected to be the largest segment in the corrugated bulk bins market. People are resorting to panic-buying and bulk stocking due to the fear of lockdowns. More people are ordering daily needs, FMCG, and fresh food through e-commerce & online channels, which leads to an increase in the demand for bulk packaging solutions. This in turn, boost the demand for corrugated bulk bins for food application.
The APAC region is projected to account for the largest share in the corrugated bulk bins market during the forecast period.
The APAC region region is projected to lead the corrugated bulk bins market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for corrugated bulk bins producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving global economy, expanding working population, and rising domestic demand for food and pharmaceutical products are expected to boost the market for corrugated bulk bins.
WestRock Company (US), International Paper Company (US), Mondi (Austria), Sonoco (US), and Greif Inc. (US) are the key players operating in the corrugated bulk bins market. Expansions & investments, acquisitions, agreements, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the corrugated bulk bins market.
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